Read the Description of the Following Transactions That Are Recorded

question 54

Essay

Read the description of the following transactions that are recorded during the accounting period for Hughley Consulting Services.Determine the account to be debited and the account to be credited.
A)Issued a check to a supplier as a payment on account.
B)Purchased merchandise;the supplier's invoice,which includes a freight charge,has payment terms of 2/10,n/30.
C)Returned some damaged merchandise to a supplier and received a credit memorandum.
D)Received an allowance for some merchandise that was slightly damaged but can be sold at a reduced price;received a credit memorandum.
E)Purchased merchandise with terms of net 30 days.

• A)Issued a check to a supplier as a payment on account.
• B)Purchased merchandise;the supplier's invoice,which includes a freight charge,has payment terms of 2/10,n/30.
• C)Returned some damaged merchandise to a supplier and received a credit memorandum.
• D)Received an allowance for some merchandise that was slightly damaged but can be sold at a reduced price;received a credit memorandum.
• E)Purchased merchandise with terms of net 30 days.

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Definitions:

Specifically Manufactured

Items that are custom made to a buyer's specifications, often relevant in contract law regarding unique goods.

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and harmonize the law of sales and other commercial transactions across the country.

Partial Performance

A situation in contract law where one party has completed a portion of their contractual obligations, which may entitle them to partial compensation or enforce the remainder of the contract.

Reasonable Quantity

An amount of goods or services deemed to be fair and appropriate under normal circumstances or usage.